Asia
Foxconn Industrial Internet's Q1 Profit Doubles; Revenue Misses Estimate
Foxconn Industrial Internet (SHA:601138) reported a 109% jump in net profit in the first quarter to 10.6 billion yuan from 5.23 billion yuan, according to a Shanghai Stock Exchange filing on Wednesday.Earnings per share doubled to 0.53 yuan from 0.26 yuan, missing the median forecast of 0.64 yuan by analysts polled by Visible Alpha.Revenue surged 56.5% to 251 billion yuan from 160 billion yuan, also missing the Visible Alpha estimate of 271 billion yuan.The electrical equipment manufacturer attributed the revenue growth to the continued surge in demand for AI computing power, as well as the steady increase in market share of its major clients.
SHA:601138
